Institute Building & Loan Ass'n v. Edwards
New Jersey Court of Chancery
Pinal hearing on bill to be substituted to lien of canceled mortgage and to foreclose. The present controversy is to determine whether the lien o£ complainant, as mortgagee of certain real estate, is superior to the lien of two certain judgments against the mortgagor.
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Pinal hearing on bill to be substituted to lien of canceled mortgage and to foreclose. The present controversy is to determine whether the lien o£ complainant, as mortgagee of certain real estate, is superior to the lien of two certain judgments against the mortgagor. The controversy arises from the fact that complainant held a mortgage on the real estate in question which was, admittedly, a prior lien to that of the two judgments how held by defendants, and subsequently took a new mortgage on the same land from the same mortgagor for the same debt and canceled its former mortgage, without…
1Opinion of the Court
Leamiiig, V. C.
I am unable to doubt the right of complainant to be restored to its original position, unless its negligence in failing to ascertain the existence of the intermediate judgment liens is to be regarded as sufficient to deny equitable relief of the nature here sought.
The transaction took the form-* of a new loan and a new mortgage security; but it was by all the parties intended and understood to be merely an extension of the old loan and security. Had knowledge of the judgments existed the old mortgage would not have been canceled. The inherent quality of the transaction,…
2Cases cited11 opinions
- Geib v. ReynoldsSupreme Court of Minnesota · 1886
- Title Guarantee Co. v. WrennOregon Supreme Court · 1899
- Pearce v. BuellOregon Supreme Court · 1892
- Campbell v. TrotterIllinois Supreme Court · 1881
- Young v. ShanerSupreme Court of Iowa · 1887
6 more not listed; retrieve them via the Exa API.
3Cited by31 opinions
- Dixon v. MorganTennessee Supreme Court · 1926
- Kaplan v. WalkerNew Jersey Superior Court Appellate Division · 1978
- Camden Co. Welfare Bd. v. Federal Dep. Ins. Co.New Jersey Superior Court Appellate Division · 1948
- Home Owners' Loan Corp. v. CollinsNew Jersey Court of Chancery · 1936
- Louisville Joint Stock Land Bank v. Bank of PembrokeCourt of Appeals of Kentucky (pre-1976) · 1928
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